LONDON (Alliance News) - Nostra Terra Oil and Gas Co PLC Thursday said the first wells drilled on the Don Pedro and San Miguel prospects in the US are now in production.
Nostra acquired a 1% stake in both prospects, following a deal for the Don Pedro prospect in April and for San Miguel in May.
The Don Pedro #1 well found "significant shows of oil" which resulted in the operator taking a core from the well for analysis, which is expected to lead to a better design for the drilling, completion and pump systems in future wells.
"In addition to the encouraging hydrocarbon shows encountered during drilling operations, the well results will be used to confirm whether or not the predictive geological tools employed in planning this initial well have been successful," said the company.
"Additional wells are being planned and permitted by the operator. Nostra Terra will update shareholders of production results of the initial well and any participation in future wells," it added.
Nostra Terra shares were up 0.5% to 0.116 pence per share on Thursday morning.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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Nostra Terra (NTOG)